Soybeans posted a back and forth trade on Tuesday, but managed to close on the weaker side, down 2 to 4 cents across the front months as traders were selling the fact on the Chinese purchases. The cmdtyView national average Cash Bean price was 4 cents lower at $10.80 3/4. Soymeal futures were back down $3.30 to $5 at the close, with Soy Oil futures 93 to 103 points higher.

USDA reported a total of 792,000 MT of soybeans sold to China via their daily announcement system this morning. Wire had reports indicated at least 14 cargoes (~840,000 MT) were purchased by China on Monday, with some pushing that number towards 20 cargoes (1.2 MMT). 

USDA’s Crop Progress report from this week showed a total of 95% of the US soybean crop harvested as of Sunday, slightly behind the 96% average pace. 

Brazil’s soybean crop is estimated at to hit 177.7 MMT according to Abiove, a reduction of 0.8 MMT from their previous number. 

Jan 26 Soybeans  closed at $11.53 1/2, down 3 3/4 cents,

Nearby Cash  was $10.80 3/4, down 4 cents,

Mar 26 Soybeans  closed at $11.60 1/4, down 3 cents,

May 26 Soybeans  closed at $11.67 1/4, down 2 3/4 cents,

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